Week 02 Reflection
This week we talked about business model and idea generation, and demand and competition. One thing I thought was insightful was figuring out how to shift from just brainstorming ideas to an actual objective analysis of those ideas. In the case study, they struggled to find a way to compare their very different business ideas in a way that would be fair and helpful. How can you compare a lifestyle blog with affiliate links to a company selling pocket knives? Those are two totally different things! But I liked the solution of using Google Ads keywords planner to figure out the demand and competition of different things. Of course, this is not a perfect solution. But it gives you a quantifiable way to see what the potential traffic for an online business. There's no point in making a custom frog earrings company if nobody is looking for frog earrings. Or if you want to sell something super basic that has very high competition, you might need to find a different market segment because...